Crude has currently moved into a new contract for May, where support and resistance levels have slightly but expectations are still as is. We see that crude's price is forming several tops, where all are below 83.55 as well as the stochastic is showing overbought signs that make us hold onto our previous expectations pointing to a possible bearish direction. The breach of 80.15 and stabilizing below it may cause a sharp descend that may take us towards 38.2% correction at 78.15.
Recommendation Based on the charts and explanations above our opinion is selling oil from 81.95 targeting 78.85 and stop loss above 83.55, might be appropriate.
Silver is struggling to breach the uptrend line that carried the movements from 14.60 to 17.60, where it will be able to breach the neckline of the double top formation of daily basis. Depending on this bearish classical pattern, we believe that possible bearishness is to be seen over intraday basis. AROON supports our overview.
Recommendation Based on the charts and explanations above our opinion is, selling silver with a breakout below 16.80 targeting 15.25 and stop loss above 17.25 might be appropriate
Gold declined yesterday but it found a solid support around 1092.00 zones. Now, having a classical outlook on the metal, we will discover that a head and shoulders top pattern has been completed on the daily basis with a potential neckline at 1098.00 zones. Therefore, we still believe that it might move downwards over intraday basis. SMA 50-colored in red- is presently pressuring it while AROON still shows the strength of the bearishnes
Recommendation Based on the charts and explanations above our opinion is, selling gold with a breakout below 1098.00 targeting 1075.00 and stop loss above 1117.00 might be appropriate.
